Data are slow to arrive, as is normal at this time on the calendar, but already it is clear that this year is not off to a flying start in terms of demand growth. Inventories are high in many places as well.
Gasoline demand, I think, is the single most bullish number in the entire (EIA) report,
It's an important shot across the bow of oil markets because it signals the administration is willing to intervene in the market. The volumes are small but $75 a barrel seems to have triggered a sensitive point.
It's patently obvious that the Saudis, as the world's largest producer, could lead prices lower by offering lower prices,
It's simply new money, not hot money.
Now we're just looking for the ceiling.
OPEC ministers meeting in Vienna on Wednesday should have an easy time deciding to leave well enough alone, while emphasizing worries and vigilance and setting another meeting date.
The big wild card this year is that there's little to no room for anything to go wrong. And certainly nothing like a refinery blowing up or a hurricane hitting the coast.
The bottom line is that the overall stocks are huge. But the tightening in stockpiles is finally beginning.
There has been a rising floor underneath oil prices, ... Last year we were worried about $40 a barrel oil, and now $60 a barrel is the worry.
There is new money coming into [oil trading] in the number of open-interest contracts, but this is not necessarily a sign of speculation,
This is a big issue - ultra low sulfur diesel is really easy to contaminate.
This is a big issue -- ultra low sulfur diesel is really easy to contaminate.
This is all-around bearish. Demand numbers were so-so and import numbers were big,
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